Creator 3.5 launches with a cryptic "The system cannot find the path specified" message

Creator launches with a cryptic "The system cannot find the path specified" message. It doesn't say anything else, there is no info what exactly was missing.

Is there any way to find that out? Currently, with Creator 3.5 I am not able to build Android projects, even though everything is set up properly, and the previous version of Creator managed to build them, and did not have that message. So I suspect the issues might be related.